Bitcoin price action, investor sentiment point to bullish December

Bitcoin faces a historical headwind as December often struggles after a negative November, yet the current market structure appears materially different, suggesting a potential shift. Key factors supporting a bullish outlook include reduced leverage, price reclaiming the monthly rolling Volume-Weighted Average Price (rVWAP), and a normalization of open interest without halting spot ETF inflows. Technically, significant short positions are positioned for liquidation near $96,000 and $100,000, suggesting December's performance might be mispriced relative to historical probabilities. However, current momentum indicators show urgency rather than depth, and flattening M2 velocity signals potential late-cycle economic quietness. Furthermore, analysts argue that structural changes, like constant spot ETF inflows, are altering traditional four-year halving cycles, placing the current phase closer to mid-2016 or late 2019, indicating that Bitcoin is far from a market top.

(Source：Cointelegraph)